Fitch affirms Grupo ICE

Fitch Ratings said it affirmed Instituto Costarricense de Electricidad y Subsidiarias' (Grupo ICE) ratings as follows: long-term foreign currency issuer default rating at BB+; long-term local currency issuer default rating at BB+; long-term national-scale (Costa Rica) at AAA(cri); and long-term national-scale (El Salvador) at AAA(slv).

The outlook is stable.

Fitch said it has also affirmed the following debt ratings for Grupo ICE: senior unsecured debt at BB+; senior unsecured domestic long-term debt (Costa Rica) at AAA(cri); senior unsecured domestic long-term debt (El Salvador) at AAA(slv); and senior unsecured domestic short-term debt at F1+(cri).

The agency noted that Grupo ICE's ratings are supported by the company's linkage to the Sovereign of Costa Rica (issuer default ratings rated BB+ by Fitch) that stems from the government ownership.

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